ECCB 2015/2016 Annual Report

EASTERN CARIBBEAN CENTRAL BANK

In recognition of the strong link between fiscal performance and the maintenance of the strong EC dollar, the Bank will continue to support programmes geared towards maintaining sustainable fiscal and debt levels over the medium term.

supported by the programme with the Savings Bank Foundation for International Cooperation (SBFIC) which seeks to support the strengthening of the financial sector and improving access to financial services by MSMEs. These efforts are designed to address a number of major challenges and gaps that impede financial intermediation and, in particular, access to finance. In recognition of the strong link between fiscal performance and the maintenance of the strong EC dollar, the Bank will continue to support programmes geared towards maintaining sustainable fiscal and debt levels over the medium term. The Bank will continue to work with member governments to achieve the targeted Debt to GDP ratio of 60.0 per cent by 2030. In tandem with this target, the Bank has recommended that member governments enact “fiscal responsibility” legislation and set interim targets. In pursuing the priority of growth, competitiveness and employment, the Bank will partner with the OECS Commission to improve the business climate and strengthen the private sector to operate within the OECS Single Economic and Financial Space. It is anticipated that the improved investment climate will facilitate improvement in the ease of doing business ranking, resulting in higher growth rates and a reduction in unemployment.

Internally, the ECCB will also strengthen its organisational effectiveness. We envisage an institution that serves the region based on our core values of Service Excellence , Teamwork , Accountability and Results which we term our STAR Mantra. In implementing this, the Bank will enhance its organisational efficiency through active engagement of stakeholders, providing thoughtful and influential policy advice, strengthening the governance arrangements and returning the Bank to profitability. We are particularly pleased to report that the ECCB will launch a weekly podcast, ECCB Connects in April 2016. The programme will seek to inform the public on its operations and of activities being undertaken by the Bank. We have commissioned a redesign of our website to provide more useful information about the Bank and the region to our stakeholders. In presenting the Annual Report, I wish to thank the Monetary Council of the ECCB, the Board of Directors, management and staff for reposing their confidence in me to serve as Governor as we embark on a new era for the ECCB.

Timothy N. J. Antoine Governor

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ECCB A nnual R eport 2015/2016